This '60 Minutes' Video Of China's Ghost Cities Is More Surreal Than Anything We've Ever Seen

We have written about
China's ghost towns — neighborhoods with massive new
buildings not inhabited by any people. Many see this as the
clear evidence of overbuilding and a housing bubble.

Yale's Stephen Roach has said, however, that China's
modernization is "the greatest urbanization story the world has
ever seen," and that these ghost cities will soon become
"thriving metropolitan areas."

But analysts say most Chinese people can't afford the types of
homes being built in the ghost cities.

However, the risks of the housing bubble evolving into a
financial crisis appear to be high.

There is a new report from "60 Minutes" titled "China's real
estate bubble." We've seen photos of China's ghost towns, but
they are nothing compared to new video footage from "60 Minutes."
Here are some screenshots of Zhengzhou from the segment.

Wang Shi, CEO of Vanke told "60 Minutes" that developers are deep
in debt. Many have abandoned projects midway through because the
money dried up. He warned that if the bubble really did burst,
China could see its version of the Arab Spring.